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Fuel Prices Explained

The RAC is committed to supporting UK motorists by campaigning on the issues that matter most. Time and again we hear that the cost of motoring is the biggest cause of concern to them and that the high price of fuel is having a significant impact on their lives.

RAC Fuel Price Monitoring

Diesel

Unleaded

Super Unleaded

LPG

Average PPL Fuel Price* (2nd Mar)

116.85

110.12

120.05

61.98

* Prices courtesy of Experian Catalist

Two-week price forecast - diesel

Today's Forecast

Very likely to go up - more than 4 PPL

Likely to go up - between
2 and 4 PPL

No significant movement - between 2 and -2 PPL

Likely to come down - between -2 and - 4 PPL

Very likley to come down - more than - 4 PPL

Two-week price forecast - petrol

Today's Forecast

Very likely to go up - more than 4 PPL

Likely to go up - between 2 and 4 PPL

No significant movement - between 2 and -2 PPL

Likely to come down - between -2 and - 4 PPL

Very likley to come down - more than - 4 PPL

Fuel Monitor Update:

RAC fuel spokesman Simon Williams said: “As predicted the UK has the first petrol retailing at under £1/litre since 2009.

“The decision of three forecourts in the West Midlands to sell petrol for under £1 a litre is clearly having a ripple effect on the supermarkets as they are continuing to bring their prices lower still. With a barrel of oil now costing around $47, we are surely only weeks away from the milestone price of £1 a litre being a common sight at petrol stations up and down the country. This will also have a very positive effect on reducing the average price of both petrol and diesel for motorists everywhere.

“And, as the current over supply of oil is believed to be part of a long-term OPEC strategy to keep oil prices low, there is every reason to think that motorists may well enjoy low prices for some time to come.”

The relationship between the retail and wholesale lines on the graph are crucial. If the fuel market is operating transparently and retailers are passing on changes in the wholesale price quickly the lines should mirror one another, with the retail lines moving up or down approximately two weeks after any significant wholesale price movement up or down.